New Cleantech Syndicate to Invest in Clean and Renewable Energy Space

Eleven Families Form a $1.4 Billion “Virtual Private Equity Fund”

June 22, 2011 10:49 AM Eastern Daylight Time

CHICAGO--(BUSINESS WIRE)--McNally Capital, LLC and Black Coral Capital announced today the
formation of the Cleantech Syndicate, a consortium of 11 prominent
families from across the United States representing a collective net
worth in excess of $30 billion. The Cleantech Syndicate was formed to
enable its members to share capital, deal flow, knowledge and networks
as they continue to invest in and support Cleantech companies. The
members, and their collective investment team of 17 dedicated
professionals, plan to invest $1.4 billion of their private capital in
Cleantech companies over the next five years. This is the largest pool
of dedicated capital to the Cleantech space.

Prior to the Syndicate’s formation, over the past five years its members
and their affiliates have collectively invested over $1.2 billion
directly into privately held Cleantech businesses and have been
important investors in some of the most notable Cleantech success
stories. The backgrounds of the members include: developers of
utility-scale wind and solar generation facilities, founders of solar
technology companies, and owners/operators of large real estate
properties and fleets of industrial vehicles looking to enhance
efficiency. They have extensive operating and investment experience
across all subsectors and stages of Cleantech investing, from seed-stage
venture capital to project finance.

“The Cleantech Syndicate is the first vehicle of its kind to fully tap
into the collective expertise of multiple families,” said Ward McNally,
managing partner of McNally Capital. “By working together and sharing
capital and investment opportunities, the Syndicate’s members can
achieve exceptional scale and act cooperatively to accomplish their
long-term investment objectives. Family offices with deep and
complementary expertise in an industry have a unique investment
advantage, especially given their indeterminate hold period.”

Christian Zabbal, managing director of Black Coral, added: “Families
have been investing in the Cleantech space for many years. The Cleantech
Syndicate is a natural evolution for us – a way to pool our experience
and networks with those of other like-minded family offices and create
partnerships that will support better, stronger Cleantech and green
energy companies.”

The Syndicate members are active, long-term capital partners for
management teams seeking operational value-add from highly knowledgeable
investors. The Cleantech Syndicate is establishing a network of partners
to support their efforts, including corporations, sovereign wealth
funds, endowments and other parties interested in collaborating with the
Cleantech Syndicate for knowledge, access and capital. Later this year,
the Cleantech Syndicate plans to launch a European Cleantech Syndicate,
as well as a U.S. co-investment vehicle that will allow selected
non-Syndicate members to invest alongside the members.

About McNally Capital

McNally Capital works directly with family offices to help them make and
manage their investments in private companies and private equity funds.
The Firm also invests alongside its clients through direct co-investment
and through its proprietary fund vehicles. At the core of everything the
firm does is an extensive network of more than 350 family offices, which
generates unparalleled access to capital and expertise. For more
information please visit: www.mcnallycapital.com.

About Black Coral Capital

Black Coral Capital is a family office which invests in funds,
companies, and projects in the Cleantech and renewable energy space.
Black Coral Capital backs superior management teams across a number of
areas such as energy efficiency and the solar supply chain, and invests
at all stages of growth from early stage to growth capital. For more
information please visit: www.blackcoralcapital.com.

About The Cleantech Syndicate

The Cleantech Syndicate was co-founded by McNally Capital, LLC and Black
Coral Capital to bring large, sophisticated Cleantech investors together
to share capital, deal flow, knowledge and networks to promote and
increase their support of clean energy companies. To date, the 11
members of the Cleantech Syndicate have collectively invested over $1.2
billion and are seeking to invest an additional $1.4 billion directly
into other clean and renewable energy companies. The members have
extensive operating and investment experience across all subsectors and
stages of Cleantech and are interested in investing directly into
companies where they can bring value to management teams. For more
information please visit: www.cleantech-syndicate.com.